Many firms are currently embracing the best interest contract exemption (BICE), even though they previously considered it more onerous than the Prohibited Transaction Exemption 84-24. When the DOL delayed the fiduciary rule implementation date, it also deferred some compliance requirements of BICE until January 2018. All that’s required for those providing fiduciary advice until then is adherence to the impartial conduct standards.

84-24 also requires adherence to the impartial conduct standards, in addition to written disclosure requirements during the transition period. "Folks that qualify as a financial institution are tending to want to rely on transition BICE, because it's easier, quite frankly, than 84-24," Bruce said. "There are no formal disclosure requirements, as there are under 84-24." [Registration required]